1. Field of the Invention
The present invention generally concerns systems and method for compiling and analyzing bids received from potential investors in an auction of securities.
2. Background
In an auction offering of financial securities (such as equity or debt securities), the entity handling the auction, typically the underwriter and/or the issuer, must compile and analyze the bids to determine the offering price and the allocations of the securities to the winning bidders. In well-publicized offerings, however, the bidding investors may collectively submit in excess of millions of bids. These bids must be compiled and analyzed in a timely and reliable manner. Accordingly, there exists a need for bid intake systems that can robustly and reliably compile and analyze bids received from the bidding investors.